After the revenue and expense accounts are closed, Income Summary has a credit balance of $80,000. What

Question:

After the revenue and expense accounts are closed, Income Summary has a credit balance of $80,000. What does this figure represent?
a. Net loss of $80,000
b. Net profit of $80,000
c. Owner’s withdrawal of $80,000
d. Net increase in owner’s equity of $80,000

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